The countries of the OECD have built significant strategic oil stocks over the past 30 years, and others like India and China have begun substantial programs as well. The operating environment for using those stocks in an emergency, however, has changed considerably during those years. The original plan for a multilateral draw down of strategic reserves has been amended and repeatedly modified as events have warranted, but there remains a great deal of uncertainty as to how and when strategic stocks should be used. This paper discusses the track record of using strategic reserves and concludes with recommendations for new guidelines for their use, which will strengthen their utility to both the policyrnaker and the marketplace. (c) 2005 Elsevier Ltd. All rights reserved.